Buyers Can Lock-in Prices At Armour Woods

February 23, 1985

Buyers signing a contract and closing prior to June 30, 1985, can lock-in current prices for the remaining homes in Phase I of Armour Woods Gardenhomes in north suburban Lake Bluff, according to E.R. James, managing partner of Tangley Oaks Associates, developer of the luxury townhome community.

Contractors` prices are firm, and all homes are under construction for the first phase.

``We make this price lock-in offer now because our cost of materials and labor is fixed until June 1, after which they will probably go up,`` James said. ``The offer also gives the purchaser the opportunity to put his home on the market and coordinate its sale with the move to Armour Woods. If the purchaser`s home sells before June 1, the closing date at Armour Woods would be moved up,`` he added.

Armour Woods Gardenhomes--ranging in size from 1,998 to 2,211 square feet and priced from $208,900--is located on a 29-acre wooded portion in the northwest corner of the Armour estate site. Tangley Oaks Associates has been developing the 200-acre Armour estate since 1980 and sold 96 single-family detached homes on half-acre lots at an average price of $260,000.

Deposits already have been received or contracts signed for 27 of the community`s first 42 homes. Move-ins began in January.

``The response to date has fulfilled our belief in the demand for luxury townhomes,`` James said.

Primary demand, James said, is coming from empty-nesters. ``These individuals are expressing a strong desire and need for such luxury residences in a premier location on Chicago`s North Shore,`` he noted. ``These families are here, and our buyers don`t want to leave the area just because they want to downsize their present home.``

When completed, Armour Woods will consist of 84 townhomes. Each of the 42 Colonial-style buildings will contain two homes with one common wall, along with a patio and garden areas.

The 42 townhomes planned in the second phase are scheduled for completion and occupancy this spring or summer.

Each Armour Woods townhome will include private patio and garden areas, three bedrooms, sunroom, laundry room, breakfast room, 2 1/2 or 3 baths, kitchen, dining room, living room with fireplace, basement and attached two-car garage. All master bedroom suites are on the first floor.

Buildings will be a minimum of 30 feet apart, and a conservation area will surround most of the 29-acre site.

Not to be confused with condominium ownership, each Armour Woods homeowner will own his own lot ``fee simple.`` A small monthly fee will cover common ground exterior maintenance. Landscaping will include the use of natural ground cover and wood chips with little or no grass for mowing.

The model home is located at Warrington Drive, off Green Bay Road, Lake Bluff, three-fourths mile north of Ill. Hwy. 176.